Grant Cohn Might Be On To Something.

I hadn’t considered this before, but starting in 2018 and continuing today, 49ers Enterprises, the investment arm of the NFL’s San Francisco 49ers, holds majority stakes in two European football clubs: Leeds United and Rangers FC.

Leeds currently competes in the EFL Championship, the second tier of English football. If you’ve watched Ted Lasso, you’ll remember that’s the league teams get relegated to when they aren’t good enough for the Premier League. You’ll also recall from Ted Lasso that even when a team triumphantly climbs back up to the Premier League, 9 times out of 10, they’re relegated again the following season.

Why? Because competing in the Premier League requires a ton of money. It takes deep pockets to attract top-tier football talent capable of keeping your club relevant and competitive.

Could our ownership group be stretched too thin? Could this financial juggling subtly explain the shocking lack of fucks the 49ers seem to give about letting players walk away?

Credit to Grant Cohn for this theory; he’s the first one I heard bring it up. And honestly, it’s a compelling theory worth exploring. I hope someone has the guts to raise this question at an upcoming press conference. Competing at the highest levels in European football demands serious money - and if the ownership is managing one combined financial pot, we might just be looking at a group unwilling to spend big to keep winning in the NFL.

I am concerned that Paarag Marathe’s passion project of acquiring and managing football clubs in Europe could potentially undermine the NFL team we all deeply love and support.